Sweden’s energy startup Elvy is on a roll. Just three months after announcing its $3.5 million pre-seed round, the company is already fielding at least $20 million in fresh equity interest—without even actively fundraising, according to sources close to the deal.
Elvy’s approach to energy is refreshingly simple. For a flat monthly fee of around SEK 2,500 (€230), it takes over the entire energy setup for a home—handling everything from the installation of solar panels and heat pumps to battery storage and grid management. The catch? It’s a 15-year contract. But cofounder and CEO Johan Outinen believes customers are buying into peace of mind.
“People don’t want to worry about energy systems,” Outinen says. “We’re trying to make energy as easy as streaming Spotify or paying your phone bill. Flat rate. No stress.”
Flat-Rate Energy, Optimized for Savings
Elvy claims it can reduce household energy costs by 20% on average—sometimes even hitting 50%. Unlike other solar startups touting sky-high savings, Elvy focuses on long-term financial relief, not get-rich-quick promises.
The business model relies on energy arbitrage. The system stores energy when it’s cheap, then either uses it or sells it back to the grid when prices rise. Customers don’t choose the gear—Elvy does. That allows the company to buy hardware in bulk, work with trusted local installers, and cut down costs.
Everything is wrapped into the contract: energy usage, hardware, installation, and ongoing maintenance. After 15 years, the homeowner owns the system outright. If they move, they can transfer the deal to the next owner or buy the equipment.
The company’s growth backs the appeal. Since February, Elvy has more than doubled its customer base from 150 to 350 households. Annual revenue is projected to reach €23–28 million by the end of the year.
“We’ve only been live for about a year, and already, we’re the only player offering this level of simplicity,” Outinen says. “It’s a tough, capital-heavy model—but we’ve made it work.”
From Startup Hustle to Energy Game-Changer
Outinen, together with cofounders Fabian Linzberger and David Wedar, has deep startup roots. He previously led Allihoop, a co-living company, before selling his stake and diving into energy. The move was partly inspired by Jon Dishotsky, then a partner at Giant Ventures, who urged Outinen to “stop wasting his talent” and look at the energy sector instead.
Outinen listened. Now Giant Ventures is one of Elvy’s backers, along with RTP Global and Essential Capital. While it’s unclear if they’re part of the latest equity talks, the company recently announced a €150 million debt facility alongside its seed round—fueling its growth without diluting ownership too early.
Next up? Expansion into Germany. Outinen sees huge potential there, where energy prices are higher and demand for affordable alternatives is growing. “If we’re delivering value in Sweden—where energy is cheap—imagine what we can do in Germany,” he says.
He also notes that several competitors have already tried to replicate Elvy’s model, but he isn’t worried. “You can’t just bolt this onto your business. You need to rethink how the entire energy stack works. That’s what we’ve done.”
Crucially, Elvy doesn’t manufacture or store hardware, and it doesn’t employ the installers. Instead, it focuses on being the connective layer between suppliers, tech, and homeowners.
“We’re the operating system for home energy,” Outinen says. “We can run the whole show from our Stockholm office.”
